BlackRock ends DEI hiring goals in reversal of 2021 call to 'embed DEI into everything'

Investment and financial giant BlackRock is flipping the script on its diversity, equity, and inclusion policies, and in an email said that the company would be announcing several changes' regarding DEI. This is a reversal from a 2021 call from BlackRock CEO Larry Fink who told shareholders in 2021 that the company needed to "embed DEI into everything we do."

According to Fox Business, the leadership at BlackRock sent a company-wide email to staffers on Friday morning, where the executives said that BlackRock would be pulling back on DEI policies.

"Delivering for clients requires attracting the best people from across the world," Fink wrote in the memo signed by other company heads. "We are committed to creating a culture that welcomes diverse people and perspectives to foster creative solutions and avoid groupthink. These values have been fundamental to our One BlackRock culture since our founding 37 years ago."

The email announced that there would no longer be any goals for racial representation at BlackRock and cited the "significant changes to the U.S. legal and policy environment related to Diversity, Equity and Inclusion (DEI) that apply to many companies" for the DEI changes. 

"In light of this, we are conducting an ongoing review of our global practices and announcing several changes today," the email further stated. Although there will be no representational goal for personnel in the company, the letter said BlackRock will still welcome "diverse talent" worldwide. 

"Our employee networks, which are open to all employees and to which over 90% of employees belong, will continue to serve as important resources for our colleagues," the letter added. "Last year, we welcomed more than 3,000 new colleagues and we are adding many more in 2025. Our connected and inclusive culture is imperative to achieving our commercial objectives and delivering performance for our clients."

BlackRock has been a particular target of conservatives in the financial space, with companies such as Strive, founded by Ohio gubernatorial candidate Vivek Ramaswamy, and other start-up investors citing the DEI policies of BlackRock as a reason to compete. 

In 2021, Fink wrote in a letter to shareholders of the firm, "Just as we ask of other companies, we have a long-term strategy aimed at improving diversity, equity and inclusion at BlackRock. To truly drive change, we must embed DEI into everything we do."

BlackRock's 2023 business report, had a section dedicated to DEI and said that the company "believes a diverse workforce with an inclusive and connected culture is a commercial imperative and indispensable to its success. Ultimately, a dynamic, inclusive organization allows BlackRock to attract and retain top talent around the world and to stay ahead of its clients' needs."

The move from BlackRock is in step with other companies in the United States, such as Walmart and Amazon, that have been rolling back their DEI efforts or cutting them altogether.